By  on June 23, 2014

J.C. Penney Co. Inc. has closed on a five-year $2.35 billion credit facility that it said provides better pricing terms and later maturities than its predecessor.

The new facility consists of a $1.85 billion revolving line of credit and a $500 million term loan. It replaces a $1.85 billion credit facility scheduled to mature in April 2016.

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